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Tech stocks spook Wall Street on Halloween
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Morning, Halloween brought real scares this year, and not the fake cobweb kind. US tech stocks took a tumble, dragging global markets with them. Grab a coffee, this one affects more than just day traders.
This is Money
Wall Street's Halloween horror show
A sharp sell-off in US tech shares sparked fresh fears of a wider stock market crash.
- Why it matters to you: global tracker funds, the kind many UK pensions hold, are stuffed with US tech giants.
- When they wobble, your pension pot can wobble too, even if you've never bought a single tech stock yourself.
- Nothing to panic about yet, but worth knowing why your statement might look a bit grim this month.
BBC Business
AI spending hits $1 trillion, investors get nervous
The Nasdaq opened at its lowest point in over two months as AI spending edges toward the trillion dollar mark. Intel shares kept sliding too. The worry is that companies are pouring in cash faster than they're proving it will pay off.
CNBC Top News
Meta's spending spree makes ratings agency nervous
S&P Global Ratings gave Meta a negative outlook, pointing to its huge capital spending (money spent on buildings, data centres and kit) and worries about free cash flow (the actual cash left over after bills are paid).
- A negative outlook isn't a downgrade yet, but it's a warning shot.
- Meta is a major holding in lots of index funds, so this one's worth keeping an eye on.
CNBC Top News
Cramer says ditch tech, try your weekly shop instead
TV investor Jim Cramer reckons it's time to look past the shaky AI trade and consider consumer staples, the boring but steady companies that sell things people buy every week regardless of the economy. Diversifying, in plain English, just means not putting all your eggs in one basket.
The Guardian Money
UK house prices crawl along at snail's pace
House prices grew just 0.5% annually in October, the slowest pace in two years, as higher mortgage rates cool buyer appetite. The average UK home now costs £273,566, barely changed from last month. Good news if you're hoping prices settle, less fun if you're trying to sell.
BBC Business
Binance chases $6.3bn stolen by North Korea linked hackers
Crypto exchange Binance is trying to claw back what's believed to be the largest crypto hack ever, worth $6.3 billion.
- Binance says the attack was highly complex.
- A useful reminder that crypto platforms, however big, aren't immune to being raided.
Marcus's take
So tech wobbled, Meta got a stern look from the ratings people, and even houses decided to take it slow this month. None of this means doom, markets have bad weeks and good weeks, that's just the deal. The sensible move is usually the boring one: stay diversified and don't make decisions based on one scary headline. Also, maybe don't store your life savings in crypto next to a $6.3 billion sized target.
One more thing
Chocolate prices are up this Halloween too, so if your portfolio and your trick or treat budget both took a hit this week, you're not alone.
That is all for today.
Marcus
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